At COP29 in Baku, Azerbaijan, from November 11 to 22, 2024, delegates from around the world will gather to discuss the next climate finance goals and national climate commitments.
The summit is set to focus on the New Collective Quantified Goal (NCQG), a financial target to aid developing nations in mitigating and adapting to climate impacts. Discussions will address how increased investment from both public and private sectors can drive action to limit global warming to 1.5°C above pre-industrial levels.
Updated Nationally Determined Contributions (NDCs) from nations committed to climate actions are part of the COP29’s agenda as well.
Here is what you need to know about COP29, the global climate summit, in brief.
What Does COP29 Mean?
The United Nations Climate Change Conference 2024, or the 29th Conference of Parties of the United Nations Framework Convention on Climate Change (UNFCCC), is scheduled for November 11 to 22 in Baku, Azerbaijan.
The COP29 global climate summit is expected to be attended by between 40,000 and 50,000 delegates from all around the world.
It is worth noting that around 84,000 delegates attended COP28 in Dubai last year, the highest attendance recorded for COP. The UNFCCC has 198 Parties (197 countries and the European Union).
COP29 is the perfect stage for world nations to discuss, negotiate, agree, develop, and share plans for combating and adapting to the climate change crisis.
What is the Theme of COP29?
This year COP is being called “The Finance COP.” Climate finance mainly refers to funding from wealthy nations to lower-income developing countries to help them mitigate and adapt to rising global temperatures.
A New Collective Quantified Goal is set to be finalized at COP29 for implementation from 2025 onwards.
Climate change action, mitigation, and adaptation measures require trillions in annual funding. Large economies need to transition away from fossil fuel use to reduce their carbon footprint.
Read: UNEP’s Emissions Gap Report 2024 – No more hot air … please!
Here’s a breakdown of the daily thematic program:
- November 11 – COP29 Opening
- November 12 – World Leaders Climate Action Summit
- November 13 – World Leaders Climate Action Summit
- November 14 – Finance, Investment and Trade Day
- November 15 – Energy / Peace, Relief and Recovery
- November 16 – Science, Technology and Innovation / Digitalisation
- November 17 – Rest Day
- November 18 – Human Capital / Children and Youth / Health / Education
- November 19 – Food, Agriculture and Water
- November 20 – Urbanisation / Transport / Tourism
- November 21 – Nature and Biodiversity / Indigenous People / Gender Equality / Oceans and Coastal Zones
- November 22 – Final Negotiations
COP29 Framework for Action
The world aims to avoid overshooting the 1.5-degree Celsius rise in temperature target that was set in the 2015 Paris Agreement. The priority framework for COP29 is “delivering deep, rapid and sustained emission reductions now.”
According to the official COP29 Azerbaijan website, the COP29 Presidency Plan “is based on two naturally reinforcing parallel pillars.” These are to “enhance ambition” and to “enable action”.
What are CMP19 and CMA6?
The 29th COP session will set the stage for the 19th meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol (CMP19) and the 6th meeting of the COP serving as the Meeting of the Parties to the Paris Agreement (CMA6).
What is the New Collective Quantified Goal (NCQG)?
The new financial goal, due for implementation from 2025 onwards, is to support developing countries in climate change mitigation and adaptation efforts. The goal aims to raise at least $100 billion in annual climate finance.
Read: Explaining The New Collective Quantified Goal on Climate Finance (NCQG)
Updated Nationally Determined Contributions (NDCs)
Each Party to the Convention must develop a plan that outlines their actions, commitments, and implementation framework to achieve the goals set in the Paris Agreement. Updated NDCs from Parties are due by 2025 and must be updated every five years.
